Brokerages Set Rackspace Technology, Inc. (NASDAQ:RXT) Target Price at $2.47

Shares of Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) have earned an average recommendation of "Hold" from the six analysts that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $2.47.

Separately, Barclays lifted their price objective on Rackspace Technology from $1.00 to $2.00 and gave the company an "underweight" rating in a research note on Monday, November 18th.

Rackspace Technology Stock Performance

NASDAQ RXT opened at $2.49 on Monday. The company has a market capitalization of $566.65 million, a P/E ratio of -0.71 and a beta of 2.02. Rackspace Technology has a 52-week low of $1.45 and a 52-week high of $3.41. The company has a fifty day moving average of $2.47 and a 200-day moving average of $2.47.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to the consensus estimate of $675.14 million. During the same period last year, the firm posted ($0.04) EPS. The company's revenue was down 7.7% on a year-over-year basis. As a group, analysts forecast that Rackspace Technology will post -0.27 EPS for the current fiscal year.

Insider Activity

In other news, CTO Srini Koushik sold 19,470 shares of Rackspace Technology stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $51,984.90. Following the transaction, the chief technology officer now owns 1,026,279 shares of the company's stock, valued at $2,740,164.93. The trade was a 1.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dharmendra Kumar Sinha sold 23,357 shares of Rackspace Technology stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total transaction of $59,326.78. Following the completion of the transaction, the executive vice president now directly owns 2,311,309 shares in the company, valued at $5,870,724.86. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 194,864 shares of company stock valued at $508,997. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Rackspace Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. acquired a new stake in Rackspace Technology during the 3rd quarter valued at $443,000. Barclays PLC grew its holdings in Rackspace Technology by 86.1% during the 3rd quarter. Barclays PLC now owns 109,997 shares of the company's stock worth $270,000 after acquiring an additional 50,896 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Rackspace Technology by 32.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 127,851 shares of the company's stock worth $313,000 after buying an additional 30,983 shares during the last quarter. Jane Street Group LLC grew its position in shares of Rackspace Technology by 27.4% during the third quarter. Jane Street Group LLC now owns 773,454 shares of the company's stock worth $1,895,000 after acquiring an additional 166,528 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Rackspace Technology in the 3rd quarter valued at about $135,000. Institutional investors and hedge funds own 82.48% of the company's stock.

Rackspace Technology Company Profile

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.